Daytrading Bitcoins... is it worthwhile?

[StewartJ]

I have some money to play around with, would it be worthwhile to trade BTC on a daily basis?

It seems like the prices are barely budging, since the MT Gox issue.

Can one exchange fast enough on Tradehill (anybody else?) to make this worthwhile? Are there good data charts, streaming tickers available yet?

Just curious as to what you're thoughts are on day-trading viability.

Thanks in advance,
Stew

[1715008706]

1715008706

[AyeYo]

A casino is both safer and offers better odds.

[dinzy]

http://www.composure1.com/BitGraph.html

If you look at the last 24 hours there is still plenty of variation to make decent returns, however Tradehill is not very dynamic now.  There is some action for sure, but the bulk of the orders are relatively far from the price. What's interesting is that there is more bids than asks, meaning that the delayed dwolla effect has been slowly painting the board blue.  

When you consider the MtGox effect this makes a lot of sense, as the key indicator is now dark and a large source of bitcoins and USD has been sequestered.


For me I am more in it for the hobby of it.  I am relatively conservative and adjust my strategy according to the day's patterns.  The funny thing is that I am actually in a casino now for a conference, and I will not throw a single dime at anything on the first floor, but am perfectly happy making a small 5-10% gain over a few days even if those profits are below my noise level.

[FooDSt4mP]

It is certainly useful to the market.  Liquidity is valuable, especially when there is a lot of uncertainty.  However, it's quite easy to get caught on the wrong side of a big move since a "big move" requires a relatively low amount of funds.  Oh the joys of tiny markets.

[Kman54]

I have some money to play around with, would it be worthwhile to trade BTC on a daily basis?

yes, there's plenty of room for profits but its a gamble.

[StewartJ]

http://www.composure1.com/BitGraph.html

If you look at the last 24 hours there is still plenty of variation to make decent returns, however Tradehill is not very dynamic now.  There is some action for sure, but the bulk of the orders are relatively far from the price. What's interesting is that there is more bids than asks, meaning that the delayed dwolla effect has been slowly painting the board blue.  

When you consider the MtGox effect this makes a lot of sense, as the key indicator is now dark and a large source of bitcoins and USD has been sequestered.


For me I am more in it for the hobby of it.  I am relatively conservative and adjust my strategy according to the day's patterns.  The funny thing is that I am actually in a casino now for a conference, and I will not throw a single dime at anything on the first floor, but am perfectly happy making a small 5-10% gain over a few days even if those profits are below my noise level.

Hey dinzy,

Thanks for the insight...I like your small gains approach.  

I recently joined Tradehill and am researching whatever charting, and ticker tools are out there. Would you recommend any tools for daily trading?

I recently installed sierrachart tool and am trying to figure out how to make it work with Tradehill data feed.

Best,
Stew